New Mexico Gas Co. acquisition inching toward closing

TECO Energy spent $9.2 million to acquire New Mexico Gas Co. during the 12 months ended June 30, but the deal is still far from closing.

TECO announced last year that it would acquire NMGC for nearly $1 billion, in what could be the biggest sale ever of a company in New Mexico. TECO, however, has been waiting for regulatory approval from the New Mexico Public Regulation Commission.

“This is a big deal for us. Our next steps are awaiting the approval of the PRC, which we expect in the coming weeks,” company spokesperson Cherie Jacobs told Business First on Thursday.